President Bola Tinubu, Aliko DangoteÂ
By Victory Oghene
President Bola Tinubu has directed the Nigerian National Petroleum Company Limited [NNPC Ltd] to sell NNPC To Sell 450,000 bpd crude to Dangote Refinery, and others local refineries in Naira
The Special Adviser to the President on Information and Publicity, Bayo Onanuga, made this known in a post via his official X handle on Monday.
Onanuga stated that the move, which is to ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, was adopted by the Federal Executive Council today, Monday, July 29, 2024
Gathered that by this directive, NNPC is to make available to all local refineries 450,000 barrels of crude oil per day.
The 450,000 bpd, as learnt, would be shared by the local refineries including Dangote Refinery.
The product would be priced in Naira.
This, as understood, will encourage sale of refined PMS to Nigerians at a stable, cheap price.
It would also discourage export and/or reselllng of crude oil priced in dollars.
A recent Bloomberg report pointed the finger at Dangote Refinery, accusing it of reselling crude procured in Nigeria in some other countries. Dangite Retinery has since denied the report.
To stop the unwholesome practice, the Federal Government directed the NNPC to moderate the quantum of crude to refineries pegging daily allocation to be shared by all of them at 450,000bpd.
